(Alliance News) - Hanover Acquisition Ltd on Wednesday said its offer for Brady PLC is now unconditional in all respects.
Hanover, a takeover vehicle of Hanover Active Equity Fund II Sca SICAV-RAIF, held 38.4 million Brady shares, a 46% stake, on Monday this week. At that point, the offer became a recommended mandatory final cash offer.
Since the mandatory offer was announced, Hanover has contracted to acquire another 8.5 million Brady shares, representing a 10% stake and taking its holding to 46.3 million Brady shares or a 56% stake in total.
Given that the only mandatory offer condition is that valid acceptances and acquisitions or agreed acquisitions exceed 50% of Brady shares, Hanover's offer is now unconditional in all respects. The offer's closing date is December 5, though it may be extended.
The recently upgraded 18p per share offer values the entire share capital of Brady at GBP15 million. Earlier in October, Brady agreed to a 10p per share cash takeover offer made by Hanover, valuing the firm at GBP8.3 million.
Shares in Brady closed up 1.7% at 18.00 pence in London on Wednesday.
By Anna Farley; annafarley@alliancenews.com
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